H.R. 1012 · 115th Congress
Group Term Life Insurance Increase Act of 2017
- Stage
- In committee
- Sponsor
- Michael Burgess
- Introduced
- 2017-02-13
- Latest action
- 2017-02-13 · Introduced in House
Summary
Group Term Life Insurance Increase Act of 2017
This bill amends the Internal Revenue Code to increase the limit on the amount of employer-provided group term life insurance that an employee may exclude from his or her gross income for income tax purposes. Currently, an employee may exclude from gross income up to $50,000 of the cost of such insurance plus any amount paid by the employee for the purchase of such insurance. The bill increases the $50,000 limit to $375,000, and adjusts such increased limit for inflation in taxable years beginning after 2018.